Oil (F) 2014-12-04

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Oil (F5):67.20
Oil tumble after OPEC decision with no supply cut
Oil prices sustain drop after OPEC meeting where countries agree that no supply cut action
market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009
market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure , where Japanese data show depend recession which indicating reduce demand for Oil
so far technical analysis seeing ability for short-run to hold trades between 60-00 – 70.00 zone , where as long as market holding trades below 70.00 farther drop would be expected over the med-run toward 50.00 levels
as we expected , market managed this week to head for rebound correction where tested 69.50 zone , while as long as the market hold trades below this suggested level the downtrend will sustain

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 66.50 67.90
Level 2 65.80 69.60
Level 3 63.70 71.40


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